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Who is in the running to replace Mark Carney as Bank of England governor?

By Ravender Sembhy, Press Association City Editor

Chancellor Philip Hammond has kick-started the recruitment process for the next Bank of England governor as Mark Carney’s exit looms.

Brexit, a slowing economy and a crumbling Government in complete chaos are just some of the challenges a new man or woman will face.

Who are the runners and riders that might be up for the task?

– Andrew Bailey

Andrew Bailey (Kirsty O’Connor/PA)

A bank veteran and current head of the Financial Conduct Authority, Mr Bailey is seen as a safe pair of hands. Before that he was deputy governor for Prudential Regulation and chief executive of the Prudential Regulation Authority. The Englishman has also worked at the Bank as chief cashier and head of the special resolution unit. Other roles include governor’s private secretary.

– Andrew Haldane

Andy Haldane (Bank of England/PA)

Mr Haldane started his career at Threadneedle Street in 1989, and currently serves as chief economist. As well as being a member of the Monetary Policy Committee, he also chairs the Government’s Industrial Strategy Council. He has authored around 200 articles and four books. With degrees in economics from Sheffield and Warwick universities, he would be one of the few Britons vying for the role who did not attend an Oxbridge institution.

– Raghuram Rajan

As the ex-governor of the Reserve Bank of India, Mr Rajan is used to extreme political volatility, which Brexit is providing in plentiful amounts. Currently serving as professor of finance at Chicago Booth university, he also did a three-year stint as chief economist and research director at the International Monetary Fund. An outsider’s bet.

– Shriti Vadera

Shriti Vadera (Anthony Devlin/PA)

The chairwoman of Santander UK, Ms Vadera was born in Uganda before her family fled the country when Asians were expelled by Idi Amin. She arrived in the UK as a child, ended up studying politics, philosophy and economics at Oxford, and also did a stint at UBS Warburg.

– Minouche Shafik

Nemat “Minouche” Shafik was the Bank’s deputy governor of markets and banking between 2014 and 2017. She was responsible for reshaping the Bank’s operations and balance sheet, including risk management practices and leading the design and execution of quantitative easing by the MPC. Currently serving as director of the London School of Economics.

– Sharon White

Sharon White (Ofcom/PA)

Perhaps the wildest card in the pack, Ms White has headed communications watchdog Ofcom since 2015. Before that, she was second permanent secretary at the Treasury, responsible for overseeing the public finances. She has also held roles at the Ministry of Justice and the Department for International Development, and has worked as a civil service adviser at the Prime Minister’s policy unit and in Washington DC as a senior economist at the World Bank.